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Friday, 19 February 2016

Top 37 Profitable Small Business Ideas in Nigeria and Your Lawyer



If you own or run a business or you are planning to own or run one, a competent accountant and a sound lawyer are indispensable to your business success. You need an accountant to conduct a regular audit on the credit worthiness of your business. You need a lawyer to give you sound legal advice to save you and your business from evitable legal liability and expensive and protracted court cases.

Every business move you plan to make or any contract you are about to sign has hidden and covert legal liabilities which only a skilled legal mind can detect. Don’t be kobo wise and naira foolish: no profitable business can stand the test of time if resourceful accountants and lawyers are not part of it.  

As you are planning your next business move, you are advised to consult a resourceful lawyer in order to avoid evitable legal liability, don’t be one of those na├»ve people, who assume that, they only need a lawyer when a court matter arises. Such people end up incurring evitable legal liabilities that, they could have avoided in the first place had they consulted a lawyer before making the move.

Below are 37 profitable small business ideas for the business minded sourced from Enterprises Boom Website - http://www.enterpriseboom.com/profitable-and-lucrative-small-business-ideas-in-nigeria/

1. Gym Business

Gym and fitness business in Nigeria is very viable considering the large number of people that have been advised not only by doctors but also by peers to engage in exercise daily. Many people do not want to go off at the early hours of the day in Nigeria for jogging because of risks of being knocked down by careless drivers or being attacked by hoodlums. Starting a good Gym business in cities across Nigeria will yield a great benefit if you have good managerial skills.

2. Vendor Machine retail

This is a business of selling a product by using a machine without the presence of the seller. It’s often seen in foreign countries and believe me this business is good but requires constant electricity to function. A good ideal step is to start the business in a place that has 24 or 12 hours electricity like in banks, hotels, plazas, complexes in Nigeria and display items that people are likely to need regularly like bottle water, beverages, peanuts, biscuits, meat pies and other snacks. They will operate the machine by their self by choosing what they want to buy and slotting the money inside as indicated in the machine. It’s very profitable and small business idea you can turn to a major one by establishing it across all cities in Nigeria.

3. Web design

Web design development business in Nigeria is a good one especially this era most businesses are going online. You will have to create and manage their websites as their webmaster either on contract or monthly payment and think of managing more than 400 websites. If you have a good knowledge about CMS including word press and E-commerce templates then you can start immediately.

4. Wine bar

With the rising number of people that cheers wines, such bar has become a popular and recommended bar to start especially in the big cities of Lagos, Abuja, Enugu, Port Harcourt and Akwa Ibom.

5. Auto parts re-sellers

Starting with car parts like bumpers, fenders, Shock absorbers, brake pads, gears, axels clutches is a good move to take some percentage of market shares and locating at a good place is vital.

6. Freelance writing

Freelance writing is profitable these days and if you are a good writer you can write articles for some websites and blogs and get paid monthly or per article depending on their choice.

7. Perfume and Jewelry shop

This is a very viable retail business you can start and expand it into a chain business in Nigeria. People often go to public markets to buy these items or shopping malls but having a smaller department store of these items will create a difference and doing it right will earn you big profits.

8. Recharge card printing

Since the coming of the telecommunication companies in Nigeria, Recharge card printing has been a good small business idea and you can start this with less money as most tools you need is a computer, printer, the software and the e-pin to generate and print the vouchers.

9. Bead making

Bead making is a creative art of business which you can start with less effort. Customers have different preferences at different occasions and most people tend to wear beads as necklace for big occasions than gold  others are bangles, earrings etc.

10. Cosmetics shops

It’s often call women businesses in Nigeria because of the large population of females who patronizes this shops but nowadays some men now do buy cosmetics. Cosmetics business is profitable and your location is very important for this small business idea.

11. Magazine publishing

Printing magazines of a particular course like fashion, business, education, social welfare, entertainments etc. is a nice idea. Producing good knowledge and having the tactics to generate real information will make readers come for more.

12. Paint Manufacturing

This is a good business you can start with less money. If you have good knowledge of the right chemicals and formulas to use in mixing the paint then you will start your paint industry small and grow with time. There is large target market for this business considering the rate of infrastructural developments across Nigeria.

13. Affiliate marketing

If you own a website or a blog or you are a member of many groups in social media with thousands of followers or fans then you can make money through affiliate marketing by referring some consumers to buy products and get the percentage paid to you. E-commerce websites like Konga and Jumia offer affiliate programs to Nigerians.

14. Recruitment agency

People are making money with recruitment agency as companies seeking for employees and Job applicants looking for Jobs are many. You will then become a bridge that will bring them together and collect some percentage of salaries or tip for your services.

15. Barbing saloon

A barbing saloon business is a viable business especially if you are willing to do things differently and learn to start, run and manage such business very well in Nigeria. People do haircuts and shave regularly and this brings in many repeated customers. It is a good small business idea you can start in any part of Nigeria.

16. YouTube channel

A channel that have to do with creating original and awesome videos for people all over the world to watch for free. You can earn money from these videos by monetizing it with Google AdSense. Most times when you watch a video, it pauses for an ad to display and at the other times, ads display along with the video playing and when people click those ads, the publisher makes some money.

17. Consultancy business

Starting a consultancy business in Nigeria puts you at the affairs of delivering expert advice and handling issues professionally for your clients. There are many consultancy platforms you can start depending on your expertise such as relationship consultancy, business consultancy, career experts, education consultants, etc.

18. Rental service

Renting out items like chairs, canopies, cold rooms vehicles, plates, dresses, tables etc. at different occasions in Nigeria is a good small business idea.

19. Bottled water Production

This is a lucrative business idea in Nigeria to start as it is an essential commodity. The target markets are large considering your locations as you can supply to hotels, bars, restaurants, fast foods, schools, retail shops etc.

20. Iced block business

Iced block business in Nigeria is viable and because of the constant epileptic power supply across major cities in Nigeria, Iced block has been in constant demand by many businesses ranging from hotels, restaurants to fish and chicken cold rooms stores.

21. Polythene Nylon production

It’s a business you can start with less money and you may not need to start the whole manufacturing of the product. You can just buy the large polythene products and focus on cutting it to different sizes then sell to people. Your target markets are super markets, shops, fast foods etc.

22. Mobile app

It’s a new wave in the tech industry and mobile app that solves a problem by delivering service to it’s users will make a huge impact with potential big market value.

23. Blogging

Blogging in Nigeria is a good business idea as most successful bloggers in Nigeria has created an impact by delivering great services, knowledge, credible information and updates to its million visitors and they also make good profits through monetisation.

24. Massage therapist

Spas and Oil massage is a trending business and renting a space with good knowledge of massage is what is needed. Massage connects body and soul and doctors recommend such to patients sometimes.

25. Event planning

If you know how to plan events successfully and makes it to look amazing, then you should consider starting this small business idea in Nigeria.

26. Real estate agency

Estate agency business is a boom as there is a high demand of rental apartments, lands, flats, stores and a demand for houses for sales, lands etc. Find a buyer and locate him to a seller, once a deal is reached you will be paid your percentage agency fee which is basically 10 percentages from both parties.

27. Bakery

From baking breads, cakes to fish rolls, meat pies etc. Baking is a good business if you can mix the ingredients very well and bread is mostly used for breakfast and your ideal target markets will include shopping malls, super markets etc.

27. Exercise books

Printing exercise books is very lucrative. I know of someone who major in exercise books and he makes a lot of profits from these business because of the demand of it during school resumption. You will be able to know how to market your goods directly to schools for you to have repeated customers regularly.

29. Snail farming

It’s relatively cheap to start as you can get the snails direct from the bushes or buy some big Snails in the markets. It’s foods are also very cheap as they mainly eat vegetables and fruits. Snails lay many eggs ranging from 200-300 eggs per batch and this makes it very profitable as it’s very costly when consuming in different restaurants across Nigeria.

30. Fish farming

Highly consumable farm product and it has a high demand daily in Nigeria. Cat fish farming business can give you bigger profits because of the cheap feed mills it requires.

31. Poultry farming

Many people have started this business and even from the local villages to the bigger cities, poultry farming is a lucrative business idea.

32. Liquid soap Making

Liquid soap making in Nigeria has a huge demand because of its variety of uses and the supply is not meet yet meeting the demand in Nigeria. Starting the business and marketing your product very well will make the difference.

33. Cloth boutique

Boutique business needs more innovative measures to be able to stand different among competitors and using effective strategy to start your clothing store will generate revenues for your business as it’s a good business idea.

34. Condom shops

One of the most demand-able products in drugs stores can now have its own stores. Condom shop gives you the benefits to sell toiletries, sanitary pads, gels and other protective items against germs.

35. Tissue roll

Tissue roll has big potentials as the people use toilet tissues, serviette, paper towel etc. daily and your market target is huge. It’s a good small business idea provided you can buy the Jumbo reel and buy the cutting machines. Then cut the tissue to sizes and package it with your company name. You can as well produce the jumbo roll using the raw materials.

36. Diapers production

It is now a profitable product because every mother uses it for keep the child warm at the early infant age. Diapers have a huge demand in the market and even most people import these products while it can be manufactured in Nigeria.

37. Phone and Computer retail
Starting a phone and computer retail stores requires effort and careful understanding of the retail industry. But the idea of focusing just on both products and the high sales of both products in Nigeria will boost your business.



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